Oil under pressure from China data

Photo / Thinkstock
Photo / Thinkstock

Global oil prices have closed little changed, recovering from sharper early losses after weak Chinese manufacturing data.

New York's main contract, West Texas Intermediate light crude for July, edged down US3c to settle on US$94.25 ($116.3) a barrel. WTI had hit an intraday low of US$92.21.

Brent North Sea crude for delivery in July settled at US$102.44 a barrel, down US16c from the day before.

"Oil prices have continued their recent declines for the third day in a row on both Brent and WTI, as economic data continues to point to reduced demand against a backdrop of high inventories," CMC Markets analyst Michael Hewson said.

HSBC bank reported China's manufacturing shrank this month, raising concerns about oil demand in the world's No 2 economy. But WTI found tough resistance at the US$92 level and pulled back from its lows.


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